ISLAMABAD: The goods imported for the Special Technology Zones (STZs) must be retained for a period of at least ten years and cannot be sold without prior approval of the Federal Board of Revenue (FBR).
On Wednesday, the FBR laid down conditions on the importers of the STZs under the SRO 536(I)/2023 notified to issue draft amendments in the Customs Rules, 2001.
Under the FBR’s conditions on the STZs, the tax benefits shall be provided only if import thereof is made for a period of ten years commencing from the date of signing of the development agreement or issuance of license, as the case may be, for consumption within zones by the eligible importers under these Rules.
PM forms body to activate STZA
The goods on which duty/tax exemption has been availed shall be solely used within the limits of a Special Technology Zone and shall not be disposed of except with the prior approval of the FBR.
No exemption shall be allowed to an enterprise which does not hold a valid license issued by the developer of a Special Technology Zone and which is not registered under the Customs Computerised System through a unique user ID.
Upon the import of every consignment, the authorised officer of the Special Technology Zones Authority (STZA) shall certify in the prescribed manner and format, that the imported capital goods are bona fide project requirements. Provided that an eligible importer under these rules shall be allowed to import capital goods through partial shipment provided the total period of import of these partial shipments shall not exceed twenty months from the date of first import.
The licensee of zone shall apply for a user-ID to the registration authority after acquisition of a valid license from the licensing authority.
The business facility of a licensee including manufacturing areas and stores shall be verified by the Customs and upon such verification licensee shall be issued a user-ID by the registering authority to start operations through Customs Computerised Systems on the basis of items allowed under respective tariff headings, the FBR added.
Copyright Business Recorder, 2023
Comments
Comments are closed for this article.